On Wednesday Orange Lake Resorts held the ribbon-cutting for its $16 million expansion at the Cape Canaveral Resort, specifically a 42 two- and four-bedroom luxury villa complex and an additional swimming pool - just several hundred feet from the beach and Jetty Park. It's part of the Holiday inn Club Vacation's Signature Collection(Photo: Provided)

The Cape Canaveral Beach Resort, part of the Holiday Inn Club Vacations brand, is growing.

On Wednesday Orange Lake Resorts held the ribbon-cutting for its $16 million expansion at the resort, specifically a 42 two- and four-bedroom luxury villa complex and a swimming pool — just several hundred feet from the beach and Jetty Park.

It's part of the Holiday inn Club Vacation's Signature Collection, which is an upgraded version of the resort's standard lodging.

"The Signature Collection has a very special feel to it," Tom Nelson, president and chief executive officer of Orange Lake Resorts, said at Wednesday's ribbon cutting.

Orange Lake Resorts, owner of a number of lodging properties across the United States, purchased the sprawling beachfront resort in 2014 and immediately began a series of upgrades.

Nelson said there is room for even more expansion but there is no timetable for that right now. As the cruise business grows at nearby Port Canaveral, he said it will only increase interest in the property.

"This is a fantastic destination for people to vacation," he said.

Cape Canaveral Mayor Bob Hoog (center with sunglasses) joins members of the the Orange Lake Resorts team to note the expansion of the Cocoa Beach Resort complex.(Photo: Provided)

Cape Canaveral Beach Resort joined the Holiday Inn Club Vacations brand four years ago and features 193 one-, two-, three- and four-bedroom villas. The Signature Collection is an upgrade to the facilities.

In the last two years, Orange Lake Resorts has boosted its Signature Collection portfolio with new buildings at its Smoky Mountain Resort in Branson, Missouri; South Beach Resort in Myrtle Beach, South Carolina; and Galveston Beach Resort in Galveston, Texas.

"Beyond the beautiful beach location, the Space Coast is supported by a variety of industries and interests which are propelling the diverse and robust lodging market," Lillis said. "With regional lodging supply growth very low and demand on the rise, the opportunity to acquire a well-maintained, closely-held hotel in this market is unique in itself."

The Baugher Hotel Group, which owns and operates three hotels with a total of 409 rooms — the Radisson Resort at the Port in Cape Canaveral, Four Points by Sheraton hotel in Cocoa Beach and Cocoa Beach Suites hotel — is a partner in the 151-room Springhill Suites by Marriott hotel. It's scheduled to open in 2020.

Upgrades continue at the Polynesian-themed oceanfront resort, Westgate Cocoa Beach Resort, which officially reopened in June following a $15 million renovation.

The 120-room hotel is owned by Westgate Resorts, which also operates the nearby Cocoa Beach Pier.

Contact Price at 321-242-3658 or wprice@floridatoday.com. You can also follow him on Twitter @Fla2dayBiz.